PETALING JAYA: With less than six months to submit its regularisation plan, Berjaya Media Bhd (BMedia) says it has yet to find a suitable initiative to address its Practice Note 17 (PN17) condition.
The publisher of theSun newspaper said in its announcement to Bursa Malaysia that the company was still looking into formulating a plan to regularise its financial condition.
“At this juncture, no suitable or viable proposal has been shortlisted for consideration,” BMedia said.
“The company has 5½ months to submit its regularisation plan to the relevant authorities for approval,” it added.
BMedia said it would make the necessary announcement on its feasible regularisation plan in accordance with the requirements under the PN17 in due course.
BMedia, whose biggest shareholder is tycoon Tan Sri Vincent Tan, slipped into PN17 status in June 2017.
Tan owns a direct interest of 38.9% in BMedia and an indirect stake of 30.4% in the company.
BMedia’s net loss widened to RM4.02mil, or 1.71 sen per share, for the six months ended Oct 31, 2017, from RM2.62mil, or 1.11 sen per share, in the corresponding period in the preceding year.
The increase in its net loss were in tandem with lower revenue.
During the period in review, the group’s revenue fell 19.6% to RM18.47mil from RM22.96mil in the previous corresponding period. The decline in revenue was mainly due to lower advertising income recorded by Sun Media.
BMedia said that despite operating in a difficult business environment, the company would continue to focus on improving its advertising revenue.
The group expected its business for the remaining period of the financial year ending April 30, 2018 to be more challenging due to the prevailing economic conditions that would impact the advertising and promotion budgets of most corporate clients and advertisers.
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